MS HB899

Authorizes the Lowndes County Board of Supervisors to establish the Lowndes County Reserve and Trust Fund and deposit proceeds from the sale of county-owned hospital facilities into the fund.

Establishes a Board of Trustees comprised of the Board of Supervisors members, with authority to appoint a three-member advisory committee with investment expertise to manage the fund.

Divides the fund into a corpus component (to remain inviolate except as provided) and an earnings component, with up to 85% of annual earnings transferred to the county general fund for special projects and the remainder added back to corpus.

Authorizes withdrawal of up to 5% of the corpus annually by majority board vote, or any amount during declared emergencies; earnings disbursements cease and all income returns to corpus until the original balance is restored.

Dissolves the trust and repeals the act if the trust account balance reaches zero.